Financial Performance - Revenue for the six months ended September 30, 2024, was RMB 436,581,000, representing a 9.0% increase from RMB 400,533,000 in the same period of 2023[11]. - Gross profit for the same period was RMB 281,753,000, an increase of 18.9% compared to RMB 237,010,000 in 2023[11]. - Adjusted net loss for the period was RMB (34,157,000), a 60.2% improvement from RMB (85,920,000) in the previous year[11]. - The company reported a loss for the period of RMB (99,040,000), significantly reduced from RMB (3,058,067,000) in the previous year[11]. - Total revenue reached RMB 436.6 million for the Reporting Period, representing an increase of 9.0% compared to the same period last year[19]. - Revenue from cloud-based HCM solutions was RMB 338.8 million, reflecting a growth of 14.3% year-over-year[19]. - Revenue from professional services was RMB 97.8 million, a year-on-year decrease of 6.0%, accounting for 22.4% of total revenue[67]. - The gross profit margin for the six months ended September 30, 2024, was 65.7%, up by 2.0 percentage points year-on-year[30]. - The company incurred net losses of RMB 99.0 million, a significant reduction from RMB 3,058.1 million in the same period of 2023[68]. - Adjusted net loss decreased from RMB 86.0 million to RMB 34.2 million, representing a year-on-year decrease of 60.2%[68]. Operational Efficiency - Net cash used in operating activities decreased by 44.2% to RMB 97,041,000 from RMB 173,990,000 in the prior period[11]. - The company is committed to improving operational efficiency and reducing net losses in the upcoming periods[11]. - Selling and marketing expenses were RMB 192.0 million, a year-on-year decrease of 17.3%, with expenses as a percentage of revenue decreasing from 44.5% to 39.5%[87]. - General and administrative expenses were RMB 82.7 million, representing a year-on-year decrease of 17.5%[87]. - Research and development expenses were RMB 154.8 million, a year-on-year decrease of 17.2% from RMB 187.0 million in the same period of 2023[89]. Market Position and Growth - Beisen maintained the largest market share in China's HCM SaaS market for eight consecutive years since 2016, with a market share of 15% in 2023[15]. - Beisen is the only integrated cloud-based HCM solutions provider in China with a unified and open PaaS infrastructure[15]. - The digital economy and digital talent industry are expected to continue flourishing, leading to continuous growth for Beisen[15]. - The company has consistently maintained its market dominance in the assessment business for many years[15]. - Beisen is a top-ranking participant in China's Core HCM, recruitment management, and performance management markets in terms of market share[15]. Product Development and Innovation - Beisen launched seven major AI assistants based on large models, leading the HCM industry towards a new era of intelligence and efficiency[19]. - The digital transformation of human resources management is being enhanced through AI, creating a personalized and intelligent employee experience[19]. - New products introduced include Mr. Sen, AI Interviewer, and AI Interview Assistant, expanding Beisen's AI Family product range[19]. - The AI Interviewer has been commercialized, with sales exceeding 50 clients, significantly improving recruitment efficiency for various leading companies[34]. - The company aims to assist enterprises in improving management effectiveness and optimizing talent allocation through innovative products[19]. Customer Metrics - As of September 30, 2024, the Annual Recurring Revenue (ARR) from the core HCM integration business accounted for 55%, representing a 28% increase compared to the ARR as of September 30, 2023, with a cumulative customer count nearing 2,100[32]. - The total number of customers as of September 30, 2024, was 5,623, with a subscription revenue retention rate of 107%[30]. - The number of customers for cloud-based HCM solutions grew from over 5,300 to over 5,600 during the reporting period[75]. Investment and Future Outlook - Future outlook includes ongoing investments in technology and product development to drive further growth[11]. - The company continues to invest in the manufacturing and retail chain sectors to improve product capabilities and widen the competitive gap[30]. - The company plans to utilize 15% of the proceeds (approximately HK89,591,860 during the Reporting Period[121]. - The Company received net proceeds of approximately HK$155.0 million from the Global Offering, which was listed on 13 April 2023[128]. - The total number of shares issued is 720,745,587 as of September 30, 2024[142]. - Major shareholder Zhaosen Holding Limited is deemed to be interested in 81,054,370 shares, representing approximately 11.25% of total shares[167]. Corporate Governance - The Company complied with all corporate governance code provisions during the Reporting Period[117]. - The Audit Committee reviewed the unaudited Interim Financial Information for the six months ended September 30, 2024 and found it compliant with applicable accounting standards[119]. - The public float of the Company complies with the requirements of Rule 8.08 of the Listing Rules[124].
北森控股(09669) - 2025 - 中期财报